Method and system for performing money transfer transactions

ABSTRACT

A system for performing a money transfer receive transaction includes a receive transaction staging device which provides a recipient with access to a financial services institution in order to receive transaction details from the recipient. The system also includes a data base for storing transaction details and a receive control code, wherein the transaction details include a receive amount, and wherein the receive control code corresponds to the transaction details stored on the data base. The system further includes a receive transaction fulfillment device in communication with the data base to retrieve the receive control code and the transaction details from the data base based on the receive control code. The data base verifies the receive control code and authorizes the receive transaction fulfillment device to issue cash or another negotiable instrument corresponding to at least a portion of the receive amount.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a divisional of application Ser. No. 10/855,127,filed May 27, 2004, now U.S. Pat. No. 7,070,094 which is a divisional ofapplication Ser. No. 10/289,802, filed Nov. 7, 2002, now U.S. Pat. No.6,761,309, which is a continuation of application Ser. No. 09/427,249,filed Oct. 26, 1999, now U.S. Pat. No. 6,488,203.

TECHNICAL FIELD

The invention relates to a method and system for performing a moneytransfer receive transaction.

BACKGROUND ART

Money transfer transactions performed with a financial servicesinstitution include send transactions and receive transactions. Under asend transaction, a sender sends or “wires” money to a recipient throughthe financial services institution. Under a receive transaction, therecipient receives money through the financial services institution.Many such transactions are also facilitated by other businesses,companies or organizations that act as agents of the financial servicesinstitution. Furthermore, both the sender and the recipient may bereferred to as customers of the financial services institution and/orthe agent.

A prior method of performing a send transaction involves a sendercompleting a transaction form and providing the form to an agent. Thetransaction form includes such information as the desired amount ofmoney to be sent, sender information, and recipient information. Theagent then enters the information from the transaction form into acomputer that is in communication with a central data base of thefinancial services institution. Alternatively, the agent may read theinformation to a representative of the financial services institution,and the representative may provide additional information to the agentthat is added to the transaction form. Next, the agent collects from thesender the desired amount of money to be sent plus any applicable feesand/or taxes.

Because this method requires the sender to complete the transactionform, and further requires the agent to either input all informationincluded on the transaction form into the computer, or convey theinformation to a representative of the financial services institution,the method is time-consuming and error prone. Furthermore, the methoddoes not account for language barriers that may arise should the senderspeak a different language than the agent.

Another method of performing a send transaction involves providing atelephone at an agent location with which a sender can access anoperator of a financial services institution. The sender then providesinformation to the operator, such as recipient name, desired amount ofmoney to be sent, and agent location. Next, the operator transmits atransaction form, which includes the information provided by the sender,to an agent at the agent location via a facsimile transmittal machine.The sender then signs the transaction form. Next, the agent collectsfrom the sender the desired amount of money to be sent plus anyapplicable fees and/or taxes. The agent then signs the transaction formand transmits the form back to the operator. Next, the operator entersthe information from the transaction form into a central data base ofthe financial services institution.

Still another method of performing a send transaction includes providinga sender an access card that is used to access a central data base of afinancial services institution. The sender provides the access card toan agent, and the agent retrieves from the central data base a list ofpotential recipient names previously identified by the sender. After thelist has been retrieved, the sender selects a desired recipient from thelist, and provides a desired amount of money to be sent to the selectedrecipient. Next, the agent collects from the sender the desired amountof money to be sent plus any applicable fees and/or taxes.

A prior method of performing a receive transaction involves a senderproviding a recipient a money transfer control number (MTCN), whichrepresents a unique key to the transaction information stored in thedata base. The MTCN is then provided to an agent by the recipient. Next,the agent accesses the data base and obtains a receive amount thatcorresponds to the MTCN. The agent then issues a check, money order, orcash to the recipient for the receive amount.

DISCLOSURE OF INVENTION

Under the invention, a system for performing a money transfer receivetransaction includes a data base for storing transaction details, and areceive transaction staging device in communication with the data basefor establishing a receive control code that corresponds to thetransaction details. A receive transaction fulfillment device is also incommunication with the data base. The receive transaction fulfillmentdevice is configured to receive the receive control code and to retrievethe transaction details from the data base based on the receive controlcode.

These and other objects, features and advantages of the invention arereadily apparent from the following detailed description of best modesfor carrying out the invention when taken in conjunction with theaccompanying drawings.

BRIEF DESCRIPTION OF DRAWINGS

FIG. 1 is a schematic diagram of one embodiment of a system according tothe invention for performing a money transfer transaction through afinancial services institution;

FIG. 2 is a flow chart illustrating operation of a system or methodaccording to the invention for performing a send transaction;

FIG. 3 is a flow chart illustrating operation of a system or methodaccording to the invention for performing a card-assisted sendtransaction; and

FIG. 4 is a flow chart illustrating operation of a system or methodaccording to the invention for performing a receive transaction.

BEST MODES FOR CARRYING OUT THE INVENTION

FIG. 1 shows a system 10 according to the invention for performing anelectronic data transfer to effect a money transfer transaction with afinancial services institution. Such money transfer transactions includesend transactions and receive transactions. Under a send transaction, asender electronically sends or “wires” money to a recipient through thefinancial services institution. Under a receive transaction, therecipient receives the money through the financial services institution.These money transfer transactions may also be facilitated by an agentthat may receive a commission for each transaction. Agent, as usedherein, refers to a person who assists in one or more money transfertransactions through the financial services institution, but is not adirect employee of the financial services institution. Furthermore, boththe sender and the recipient may be referred to as customers of thefinancial services institution and/or the agent.

The system 10 includes one or more transaction set-up or stagingdevices, such as a telephone 12, a personal computer 14, and/or a kiosk16. The personal computer 14 has an alpha-numeric keypad, a centralprocessing unit and a display device such as a monitor. The kiosk 16 isan unattended electronic device capable of receiving input anddisplaying information. For example, the kiosk 16 may be an automatedteller machine or ATM.

These transaction staging devices are used to access the financialservices institution and to obtain and/or provide transaction detailsregarding a particular transaction as explained below in greater detail.Advantageously, the transaction staging devices may be disposed atnumerous locations remote from the financial services institution toprovide extensive access to the financial services institution. Forexample, one or more transaction staging devices may be disposed at eachof several agent locations, such as convenience stores, drug stores, orother suitable facilities. As another example, one or more transactionstaging devices may be disposed at the consumer's home or place ofbusiness.

The telephone 12 is preferably configured to provide direct andimmediate access to a customer services representative (CSR) or otheremployee of the financial services institution. For example, thetelephone 12 may be automatically connected to the CSR simply by pickingup the handset. Alternatively, the telephone 12 may be any type oftelephone such as a pay telephone, cellular telephone, or hometelephone. Furthermore, the CSR has access to a central data base orhost computer 18 of the financial services institution, and the CSR canenter information into and receive information from the host computer18. Alternatively, the CSR may have access to a secondary data base thatis in communication with the host computer 18.

The personal computer 14 and kiosk 16 are also in communication with thehost computer 18 either directly or indirectly, such as through asecondary data base. Advantageously, the sender and/or recipient may usethe personal computer 14 and/or kiosk 16 to directly or indirectlyaccess the host computer 18. For example, the sender may use thepersonal computer 14 to access the host computer 18 through theinternet. The kiosk 16 may also be provided with a card encoder ordispenser 19, a card reader 20, and a scanning device 21 such as a voicescanner, fingerprint scanner, a retina scanner or a face scanner.Alternatively, the kiosk 16 may be provided with multiple scanningdevices.

The system 10 further includes an electronic transaction fulfillmentdevice, such as an electronic terminal 22 having a keypad 23, forcompleting the money transfer transaction. Alternatively orsupplementally, the electronic terminal 22 may be provided with a cardreader 24 and/or a scanning device 25 such as a fingerprint scanner, aretina scanner or a face scanner. Furthermore, the electronic terminal22 may be provided with multiple scanning devices. The electronicterminal 22 is in communication with the host computer 18, and is usedto retrieve transaction details stored on the host computer 18. In oneembodiment of the system 10, the electronic terminal 22 is a personalcomputer having an alpha-numeric keypad, a central processing unit, anda display device such as a monitor. In another embodiment of the system10, the electronic terminal 22 is an FDX-400® available from WesternUnion of Englewood, Colo. The FDX-400® has a numeric keypad, one or morefunction keys and a display device.

The electronic terminal 22 also preferably includes a printer 26 forprinting a record of the money transfer transaction. For example, theelectronic terminal 22 may be used to print a receipt and/or anegotiable instrument, such as a check or money order. Alternatively, aprinter may be provided as a separate component that is in communicationwith the electronic terminal 22 and the host computer 18.

It should be noted that the transaction staging device and thetransaction fulfillment device may be the same device. For example, ifthe kiosk 16 is able to print a record of the money transfer transactionthrough an on-board printer or a remote printer, the kiosk 16 may alsofunction as the transaction fulfillment device. As another example, ifthe electronic terminal 22 is able to receive alpha-numeric input, theelectronic terminal 22 may also function as the transaction stagingdevice.

FIG. 2 is a flow chart illustrating operation of a method or system,such as the system 10, for performing a send transaction according tothe invention. The send transaction can be divided into a transactionset-up or staging process and a transaction fulfillment process. At step100, the sender begins the transaction staging process by using thetelephone 12 to contact the CSR. Next, the sender provides transactioninformation or details to the CSR at step 102. Such details may includethe sender's name and address, recipient name, and a desired amount ofmoney to be sent to the recipient, which may be referred to as principalamount. At step 104, the CSR enters the transaction details into thehost computer 18, which stores the transaction details. It is to beunderstood that the transaction details are not necessarily enteredimmediately into the host computer 18. For example, the CSR may enterthe transaction details into a separate computer that downloads data tothe host computer 18 at a later time. If the desired amount of money tobe sent is over a certain amount, the host computer 18 may also requestsupplemental information from the sender, such as driver's licensenumber, social security number, date of birth, etc. in order to complywith institutional and/or regulatory requirements.

At step 106, the CSR provides the sender a send control code (SCC) and atransaction amount, which represents the principal amount plus anytransaction fee and taxes, if applicable. If a printer is locatedproximate the telephone 12, the SCC and transaction amount may beprinted on paper. The SCC and transaction amount are also stored on thehost computer 18 as part of the transaction details. The SCC ispreferably a numeric code and is used to uniquely identify the sendtransaction on the host computer 18. The SCC may, however, comprise oneor more alpha-numeric characters, symbols, sounds, and/or images. Forexample, the SCC may be the sender's name, the recipient's name, a barcode, or other decipherable symbol or symbols. Furthermore, the SCC maybe printed using an optical character recognition font (OCR), and/ormagnetic ink.

Alternatively, the SCC and transaction amount may be obtained orotherwise established by using the personal computer 14, the kiosk 16,or any other suitable transaction staging device to access the hostcomputer 18 directly or indirectly. For example, the personal computer14 may be used to access the host computer 18 through the internet, andthe host computer 18 may provide the SCC and the transaction amountdirectly to the sender such as by electronic mail. As another example,if the kiosk 16 is provided with one of the scanning devices 21described above, the kiosk 16 may be used to establish the SCC as thesender's voice print, fingerprint, retinal image, facial image and/orother anatomical image. As another example, if the kiosk 16 or othertransaction staging device is provided with the card dispenser 19, thekiosk 16 may be used to encode and dispense a card with the SCC and/orthe transaction amount printed or otherwise encoded, such asmagnetically or electronically, thereon. As yet another example, asource of cards having different SCC's pre-printed or otherwise encodedthereon, may also be disposed proximate the kiosk 16. During thetransaction staging process, one of the cards may be selected by thesender and swiped across or otherwise entered into the card reader 20 ofthe kiosk 16 so that the host computer 18 can correlate the particularSCC with the transaction details entered by the sender. The hostcomputer 18 may then provide the transaction amount to the sender.

Once the SCC and transaction amount have been obtained by the sender,the transaction staging process is complete. At this point, the sendtransaction is maintained on the host computer 18 in a pending state. Ifthe send transaction does not progress to the transaction fulfillmentprocess within a predetermined amount of time, the send transaction maybe purged from the host computer 18.

Because the sender can deal directly with the CSR or host computer 18,the transaction staging process is relatively simple and efficient. As aresult, money transfer transactions may be performed at a variety oflocations, such as convenience stores, drug stores, service stations andthe like, thereby increasing the distribution network of the financialservices institution. Advantageously, there are no forms that need to becompleted by the sender, nor are any agents required to be involved inthe transaction staging process. Furthermore, the sender may be providedaccess to various CSR's having various foreign language competencies inorder to accommodate language differences.

At step 108, the sender begins the transaction fulfillment process byproviding the SCC and principal amount, or just the SCC, to an agent atthe agent location. Next, the agent connects the electronic terminal 22to the host computer 18 by pressing a function key on the keypad 23 atstep 110. At step 112, the agent enters the SCC and the principal amountinto the electronic terminal 22 by using the keypad 23. Advantageously,because the SCC is preferably a numeric code, the keypad 23 need onlyinclude numbers and one or more function keys. Alternatively, the SCCmay be entered into the electronic terminal 22 using the card reader 24or the scanning device 25.

At step 114, the host computer 18 may validate the SCC and principalamount by comparing the SCC and principal amount with the transactiondetails previously stored on the host computer 18 during the transactionstaging process. If the SCC and/or principal amount are valid, the hostcomputer 18 returns some or all of the transaction details and a collectamount, which is the same as the transaction amount, to the electronicterminal 22 as indicated at step 116. Alternatively, some or all of thetransaction details may be routed to the electronic terminal 22, orother transaction fulfillment device, prior to the sender entering theSCC. For example, multiple send transactions may be queued on theelectronic terminal 22, with each transaction being identified by aparticular sender's name. In this case, the SCC is the particularsender's name, and the transaction fulfillment process may be commencedby the sender highlighting or otherwise entering his/her name into theelectronic terminal 22.

If the SCC and principal amount are not valid, the host computer 18returns an error message to the electronic terminal 22 as indicated atstep 118. The agent and/or sender may then contact the CSR to resolvethe error as indicated at step 119.

If the SCC code and principal amount are valid, the agent verifies withthe sender that the proper transaction details and collect amount werereturned by the host computer 18, as indicated at step 120. For example,the sender may view the transaction details on a display device of theelectronic terminal 22. If the transaction details are not correct, andif the electronic terminal 22 can accept alpha-numeric input, the agentand/or sender may be able to revise the transaction details.Alternatively, the agent and/or sender may contact the CSR to revise thetransaction details.

Next, the agent collects the collect amount from the sender and entersthe amount tendered into the electronic terminal 22 at step 122. Theelectronic terminal 22 then sends payment confirmation to the hostcomputer 18 at step 124. Next, at step 126, the host computer 18 recordsthe send transaction as “sent” and sends confirmation to the electronicterminal 22. At this point, funds are available to be picked up by therecipient. At step 128, the electronic terminal prints a receipt for thesender.

Because the agent need not be involved in the transaction stagingportion of each send transaction, the agent can process significantlymore send transactions in the same amount of time compared with priorsystems and methods. Furthermore, because the transaction fulfillmentportion is controlled by the host computer 18, agents require lesstraining to operate the system and method of the invention.

Alternatively, the transaction fulfillment process may be accomplishedwithout an agent. For example, the transaction fulfillment process maybe carried out by using the kiosk 16 or any other suitable device thatis connected directly to or in communication with the host computer 18.The transaction fulfillment process may be commenced by the senderentering the SCC into the kiosk 16 using a keypad, card reader 20,and/or scanning device 21 of the kiosk 16, depending on the type of SCC.

FIG. 3 is a flow chart illustrating operation of a method or system,such as the system 10, for performing a card-assisted send transactionaccording to the invention. Similar to the send transaction, thecard-assisted send transaction can be divided into a transaction set-upor staging process and a transaction fulfillment process. At step 200,the transaction staging process begins by the sender providingtransaction details to an agent at the agent location or to the CSR orother employee of the financial services institution. Transactiondetails may include a list of one or more potential recipient names;information about each recipient such as address and telephone number;and information about the sender such as name, address and telephonenumber. The transaction details are then entered into the host computer18 at step 202. Next, at step 204, the sender obtains an access cardfrom the financial services institution for accessing the transactiondetails stored on the host computer 18. The access card contains a cardcontrol code (CCC) that corresponds to the particular transactiondetails provided by consumer, and the CCC is readable by an electronicdevice, such as the electronic terminal 22. Alternatively, the accesscard may be generated by the financial services institution based onhistorical transactions of the sender.

At step 206, the transaction fulfillment process begins by the senderproviding the access card to the agent at the agent location. Next, atstep 208, the agent enters the CCC into the electronic terminal 22 byswiping the access card on the electronic terminal 22 to thereby accessor retrieve the list of potential recipient names. For example, the listof potential recipient names may be displayed on a display device of theelectronic terminal 22. Alternatively, the CCC may be entered into theelectronic terminal 22 in any suitable manner such as by manuallyentering the control code on the keypad 23.

At step 210, the sender then selects a recipient from the list ofpotential recipient names and a desired amount of money to be sent tothe selected recipient. The selected recipient and the desired amount ofmoney to be sent are entered into the electronic terminal 22 at step212. If the desired amount of money to be sent is over a certain amount,the host computer 18 may also request supplemental information from thesender, such as driver's license number, social security number, date ofbirth, etc. in order to comply with institutional and/or regulatoryrequirements. Next, at step 214, the electronic terminal retrievespertinent transaction details from the host computer 18, and the hostcomputer provides a collect amount, which represents the desired amountof money to be sent plus any transaction fee and taxes, if applicable.The agent then collects the collect amount from the sender and entersthe amount tendered into the electronic terminal 22 at step 216. Theelectronic terminal 22 then sends payment confirmation to the hostcomputer 18 at step 218. Next, at step 220, the host computer 18 recordsthe send transaction as “sent” and sends confirmation to the electronicterminal 22. At step 222, the electronic terminal 22 prints a receiptfor the sender. It should be noted that for future card-assistedtransactions, steps 200 and 202 need only be performed if necessary toupdate or otherwise modify the list of recipient names or othertransaction details.

Alternatively, the access card may be used with the kiosk 16 or othertransaction staging device to initiate direct contact with the CSR. Forexample, the access card may be swiped on the kiosk 16 to initiate avideo conference with the CSR. The CCC from the access card is then usedto retrieve pertinent transaction details from the host computer 18,including the list of potential recipient names. The sender then selectsa recipient from the list of potential recipient names, and provides adesired amount of money to be sent to the selected recipient. Next, theCSR provides the sender a SCC and a transaction amount to complete thetransaction staging process. The transaction fulfillment process maythen proceed in a manner similar to the transaction fulfillment processdescribed above and illustrated in FIG. 2.

As yet another alternative, the access card may be used with the kiosk16 or other transaction staging device to obtain direct access to thehost computer 18. For example, the access card may be swiped on thekiosk 16 to establish a direct or indirect connection to the hostcomputer 18. The transaction staging process and the transactionfulfillment process may then be carried out on the kiosk 16 byresponding to questions generated by the host computer 18 and displayedon the kiosk 16.

FIG. 4 is a flow chart illustrating operation of a method or system,such as the system 10, for performing a receive transaction according tothe invention. The receive transaction can also be divided into atransaction set-up or staging process and a transaction fulfillmentprocess. At step 300, the transaction staging process begins with therecipient obtaining a receive amount and a receive control code (RCC)for uniquely identifying the receive transaction on the host computer18. The RCC may be obtained from the CSR using the telephone 12.Alternatively, the RCC may be obtained using any suitable electronictransaction staging device. While the RCC is preferably a numeric code,the RCC may comprise any combination of alpha-numeric characters orother symbols. For example, the RCC may be the recipient's name. Inaddition, the RCC may only be valid for a predetermined amount of time,such as 15 minutes, and/or at a predetermined location or locations soas to reduce the potential for theft and/or fraud.

At step 302, the recipient begins the transaction fulfillment process byproviding the receive amount and RCC to an agent at the agent location.At step 304, the agent enters the receive amount and RCC into theelectronic terminal 22. Next, at step 306, the electronic terminal 22retrieves all relevant transaction details from the host computer 18 viaa connection with the host computer 18. If the receive amount is over acertain amount, the host computer 18 may also request supplementalinformation from the recipient, such as driver's license number, socialsecurity number, date of birth, etc. in order to comply withinstitutional and/or regulatory requirements. At step 308, the agentverifies the recipient's identification with the transaction detailsretrieved. Next, at step 310, the electronic terminal 22 is used toprint a check or other negotiable instrument, such as a cash voucher,for the receive amount. Advantageously, the electronic terminal 22 maybe used to print multiple checks or other negotiable instruments ifdesired by the recipient. Alternatively, the agent may dispense atelephone card and/or money card to the recipient. The agent may alsoload funds onto a card provided by the recipient. At step 312, theelectronic terminal 22 sends payment confirmation to the host computer18. Next, at step 314, the host computer 18 records the transaction as“paid” and sends confirmation to the electronic terminal 22. At step316, the electronic terminal 22 prints a receipt for the recipient.

While embodiments of the invention have been illustrated and described,it is not intended that these embodiments illustrate and describe allpossible forms of the invention. Rather, the words used in thespecification are words of description rather than limitation, and it isunderstood that various changes may be made without departing from thespirit and scope of the invention.

1. A system for performing a money transfer receive transaction, thesystem comprising: a receive transaction staging device for providing arecipient direct access to an employee of a financial servicesinstitution in order to receive transaction details from the recipientand provide a receive control code to the recipient that corresponds tothe transaction details; a data base for storing the transaction detailsand the receive control code; and a receive transaction fulfillmentdevice in communication with the data base, the receive transactionfulfillment device being configured to receive the receive control codeand to retrieve the transaction details from the data base based on thereceive control code.
 2. The system of claim 1 wherein the receivetransaction staging device includes an encoder for encoding the receivecontrol code on a card, and the receive transaction fulfillment deviceincludes a card reader for receiving the card in order to read thereceive control code therefrom.
 3. The system of claim 1 wherein thereceive transaction staging device includes a first voice scanner forestablishing the receive control code as a voice print, and wherein thereceive transaction fulfillment device includes a second voice scannerfor receiving the voice print.
 4. The system of claim 1 wherein thereceive transaction staging device includes a first anatomical imagescanner for establishing the receive control code as an anatomicalimage, and wherein the receive transaction fulfillment device includes asecond anatomical image scanner for receiving the anatomical image. 5.The system of claim 4 wherein the first anatomical image scannerincludes a first fingerprint scanner for establishing the receivecontrol code as a fingerprint, and wherein the second anatomical imagescanner includes a second fingerprint scanner for receiving thefingerprint.
 6. The system of claim 4 wherein the first anatomical imagescanner includes a first retina scanner for establishing the receivecontrol code as a retinal image, and wherein the second anatomical imagescanner includes a second retina scanner for receiving the retinalimage.
 7. The system of claim 4 wherein the first anatomical imagescanner includes a first face scanner for establishing the receivecontrol code as a facial image, and wherein the second anatomical imagescanner includes a second face scanner for receiving the facial image.8. The system of claim 1 wherein the receive transaction staging deviceincludes a telephone.
 9. The system of claim 1 wherein the receivetransaction staging device includes a personal computer.
 10. The systemof claim 1 wherein the receive transaction staging device includes akiosk.
 11. The system of claim 1 wherein the receive transactionfulfillment device includes a personal computer.
 12. The system of claim1 wherein the receive transaction fulfillment device includes anelectronic terminal having a numeric keypad, at least one function key,and a display device.
 13. The system of claim 1 wherein the receivetransaction fulfillment device includes a printer for printing a receiptor a negotiable instrument.